posted on 24/10/2012: 651 views
Dubai has been listed among the top 25 global hotel investment destinations for 2012 by an international consultancy.
In its "Winning in Growth Cities 2012-13” report, Cushman & Wakefield (C&W) put Dubai at the 16th position in the top destinations for hotel ranking, stating investments in the sector crossed Dh14.2 billion (US$3.9 billion) between Q3 2011 and Q2 2012 period.
The emirate is the only city in the Middle East to feature on the list.
STR Global reported earlier new hotel room supply growth is expected to reach 9.6 per cent in 2012 with the demand growth in the hotel industry, rising 16.5 per cent year-to-date August compared to the previous year. Approximately 13,000 rooms are under construction in Dubai with another 21,000 announced.
While international visitors to Dubai continue to grow beyond eight million by the end of 2011, hotels are expected to see revenue per available room surge by eight to nine per cent in 2011, STR Global said.
Besides, Dubai's international visitor spend is expected to surge 24 per cent to US$7.8 billion in 2011 from US$6.3bn in 2010 and US$5.2bn in 2009.
As per C&W report, London, helped by Olympics, rose to claim first place in the top destinations for hotel investments ranking, usurping New York in the process.
However, globally, investment into the hotel sector was down 12.4 per cent in the 12 months to Q2 2012 compared with the previous year as economic headwinds have lengthened deal closing times and slowed activity.
Given the constrains on lending by banks, equity investors and high net worth individuals, alongside sovereign wealth funds, are expected to continue to be most active players in the sector.
Dubai was also placed on the 15th position on the list of top 20 cities in terms of connectivity in the report.
The global consultancy said a key component for the truly global city is connectivity with the rest of the world, whether by air, sea or inter-city transport. Connectivity is an important component for cities in relation to generating and sustaining business and leisure opportunities.
Tokyo holds the first position, with Hong Kong, New York and London in second, third and fourth place, respectively. – Emirates 24|7
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